Seven members of the European Union have officially joined forces to promote the use of blockchain technology to boost government services and economic well-being, industry website Coindesk has reported.
Ministers from seven southern European States – France, Italy, Spain, Malta, Cyprus, Portugal and Spain – signed a declaration yesterday in Brussels, vowing to collaborate on furthering the adoption of distributed ledger technology (DLT) and other emerging technologies. This cooperation is part of a drive to make the region “a leader on emerging technologies” such as DLT.
“We believe that Distributed Ledger Technologies, along with other emerging technologies like 5G, Artificial Intelligence and Internet of Things could be a strong contributor that will help Southern European countries transform the way that we experience as well as to expand their digital ecosystem including Research & Development and innovation,” the declaration reads.
While the document mentions other emerging technologies it mainly focuses on DLT, as the ministers believe that it could be one of the instruments that “can help our countries transform their economies and society into truly digital ones and become a leading region in this sector”. The ministers see the technology as a potential “game changer” due to the fact that it is a technology based on trust.
“Due to its nature, we are of the view that Distributed Ledger Technologies can result in enhanced transparency, accountability and privacy for end-users”.
On the topic of regulation, the ministers said that any legislation on DLT should take into account the decentralised nature of such technology and should be based on “European fundamental principles and technological neutrality”.
“It should also allow innovation and experimentations in order for the public and private sector to better understand the Distributed Ledger Technologies and to develop use cases,” the declaration also reads.